Sauna open sources seed acceleration for early stage startups in Northern Europe and Russia. The presentation is a summary of the study to map the current status and assess the performance of Alumni teams as of Fall '11. For more info check www.startupsauna.com

1. Startup Sauna: Accelerating Startups
from Northern Europe & Russia
Study Summary - Fall '11 Report
Paolo
26.1.2012

2. Introduction
Startup Sauna open sources seed acceleration
for early stage startups in Northern Europe and
Russia since 2010.
Activities financed by Tekes and Aalto Center for
Entrepreneurship.
Pro-bono support from talented coaches.
We executed a study to map the current status
and assess the performance of Alumni teams.
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3. Background
Seed Accelerators: structured, temporarily help
for early stage startups to maximize success.
Concept born with Y Combinator (USA) in '05:
● open, competitive application process
● focus on small teams
● temporarily help, intense coaching, Demo Day
● Batches
No earlier studies covering Startup Sauna, key
question: is Startup Sauna helping teams?
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4. Methodology
Quantitative survey in October - December '11:
● hypothesis and questions
● online form emailed to 38 Alumni teams
● 89% response rate
● complemented data with own knowledge
● data consolidation and analysis
● peer review & finalized findings
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5. 2 Years of activity
+1600 Students, Entrepreneurs, Investors &
Media Exposed to Startup Sauna message!
(*): Including Fall '11 Batch in Admitted teams 5

6. Growing Interest
First batch in Spring '10:
● 60 applications, 100% Finland
● 23% acceptance rate
Last batch in Fall '11:
● 240 applications from 6 countries
● 7% acceptance rate
More selective, applicant quality increasing!
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7. 3 Batches, 38 graduate teams
+100 entrepreneurs coached during camps
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8. Evolution of Teams
+76% of Alumni launched their product
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9. 25 Companies in 5 countries
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3 2 2 1 1
Increasing diversity, growing the community!
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10. Industry coverage
(*): EVCA model 10

11. Accelerating Fundraising
+339%
+33%
Attracting International investors!
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12. 8.2 M€ Funds Raised
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13. 10 companies with revenue
for a total of 420K€/y
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2 2
1
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14. Growing Entrepreneurs
+65%
+15%
16% Female Entrepreneurs (Founder, CXO)
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15. 138 People Employed
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7
6
5
1
Growing the next generation of entrepreneurs!
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16. Conclusions 1/2
Startup Sauna has a positive impact on teams.
Alumni more successful at raising funds after camp:
● 20 teams, avg 60K€ before the camp
● 25 teams, avg 210K€ post camp
● 11 teams raised more than 260K€ within 1 year
Startup Sauna has a great momentum with
youth and helped develop the local startup
community in size, diversity, attitude.
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17. Conclusions 2/2
Deal flow is growing, teams quality is improving.
Showcases: Blaast, Campalyst, Ovelin.
Opportunity to further develop the alumni survey:
○ Repeat the survey every 6-12 monts
○ Improve quantitative metrics
○ Batch level data granularity
○ Extend methodology to qualitative data
○ Evaluate Social Impact
○ Benchmarking (Finland/global, teams/accelerators)
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18. Back-up Data
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19. References
Donna Kelley, Niels Bosma, Jose Ernesto Amoros (Jan. '11): Global Entrepreneurship
Monitor: 2010 Global Report. GEM, available at http://www.gemconsortium.org/article.
aspx?id=165
NN (Nov. 2011), Enterprise Capital Report 2011. EVCA, available at http://www.evca.
eu/knowledgecenter/PublicationDetail.aspx?id=PBECR11
Paul Miller, Kristen Bound (June 2011): The startup Factories. NESTA, available at http:
//www.slideshare.net/avanzisrl/the-startup-factories
Nicola J. Dee, Finbarr Livesey, David Gill and Tim Minshal (September 2011): Incubation
for growth. NESTA, available at http://www.nesta.org.
uk/publications/reports/assets/features/Incubation%20for%20Growth
Juha Ruohonen (July 2007): VICTA – Virtual ICT Accelerator,
Technology Review 219/2007. TEKES, available at Tekes.fi
Gianluca Dettori, Aziz Gilani (June 2011): Accelerators in US and Europe: Speed and
scale in capital formation. Kauffman Fellow program, available at http://www.slideshare.
net/dgiluz/accellerators-in-us-and-europe
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20. Start-up Alumni Surveyed
Alumni Spring 2010 batch Alumni Autumn 2010 batch (cont.)
1 Aalto Brain Company 20 Reach.ly (ex Lisa monitoring)
2 Audiodraft 21 Ajelo (ex MetroDRT)
3 Barisma 22 Lifeportfolio (ex-Octarine)
4 Finders Base 23 PowerVTT
5 Blaast (ex Hipui) 24 Titan BGA
6 Kassi 25 Tribestudios
7 LucSens Alumni Spring 2011 batch
8 MakuMaku 26 Campalyst
9 Relationship Games 27 Double Defense
10 Videolla (ex RoMM) 28 Fund Friends
11 Shobble 29 Futureful
12 Thermophotonic Heat Pump 30 Hakema
13 Asema Electronics (ex-Widsen) 31 Mighty Fingers
14 Wikimaps (ex-DreamTravel) 32 Ovelin
Alumni Autumn 2010 batch 33 Solu
15 Co-housing Suomi 34 Stereonic (ex fluorescent nanoscopy)
16 DealMachine 35 SunyRide
17 Dentatube 36 SynchMachine (ex-Tohina)
18 FunRank 37 Twonicorns
19 Hookie Technologies 38 Walkbase 20

21. Quantitative Questionnaire
# Question
Basic Info
1 Original/Current Team Name
2 Start-up Sauna/Bootcamp attented
3 Are you still active as Start-up Team?
4 Do you have a Legal Company for your Start-up?
5 Is your Product/Service live with customers (yes/no, if private/public, since when/target launch date)
Quantitative data
6 How much Sales Revenues generated from your product/service (no sales / estimates K€/Year based on current quarter data)
7 Headcount before the camp (Full Time Equivalent)
8 Headcount during the camp (Full Time Equivalent)
9 Headcount at present (Full Time Equivalent):
10 Funding collected before the camp (timing & amounts in K€: Founders/Angels/Governments/VCs, also specify if grants or equity
investment
11 Funding collected during the camp (as above)
12 Funding collected after the camp (as above)
13 Have you done an Exit, Merge or Acquired any other team? (specify company name, timing, amount in K€ and # people involved)
14 Are you actively looking for additional funds (timing, amount in K€) ?
15 Are you interested in the opportunity to meet investors in events organized by Start-up Sauna in the near future?
Others
16 Other notes and comments:
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22. Summary Table 1/2
Parameter # (*) %
Number of Start-up Applications 525
Number of Start-up Coached 270
Number of Sauna Batches 4
Number of Start-ups Admitted to Sauna 54 10%
Number of Start-ups Graduated from Sauna 38 7%
Number of Start-ups still Alive 31 82%
Number of Startups Launched Product/Service 29 76%
Number of Startups that have raised Funding 33 87%
-Before Sauna 20 53%
-During Sauna 10 26%
-After Sauna 25 66%
# of Qualified Financing Events (>300K$/260K€ within 1Year) 11 29%
(*): Data as of 5.12.'11 with 89% answer rate excluding Fall '11 batch (except Applications, Admissions) 22

23. Summary Table 2/2
Parameter # (*) %
Total Funding raised (K€) 8176
-Before Sauna (K€) 1215
-During Sauna (K€) 1621 +33%
-After Sauna (K€) 5340 +339%
Number of Exits 1 3%
Value of Exits (K€) (*Lucsense acquired by Almare solutions 100% stock) -
Number of Start-ups with Revenues 10 26%
Total Revenues (K€/Year) 423
Headcount before Sauna (FTE) 84
Headcount during Sauna (FTE) 96 +15%
Headcount after Sauna (FTE) 138 +65%
Number of Teams with Female Entrepreneurs (Founder, CXO) 6 16%
(*):Lucsense acquired for Stock in '11 by Almare Solutions, no public value. 23

24. Contacts
Ville Simola, Captain 'Boro' Paolo Borella
mobile +358 40 4808333
+358505984561
skype paolo_borella
Startup Sauna email paolo.borella@boro.fi
Betonimiehenkuia 3 twitter @paolo_borella
Espoo linkedIn paoloborella
Finland
email ville@startupsauna.com
twitter @startupsauna
Facebook/startupsauna
startupsauna.com
Akcnowledgements
Big thanks to the all the Sauna Coaches that provided help to shape the survey, and feedback to tune and Improve it.
Special Thanks to Kristo Ovaska, Mikko Kuusi and Juha Ruohonen to trigger this discovery journey, to Ville Simola, Antti
Ylimutka and Natalia Gaudet to keep it alive, and Gianluca Dettori @ Kauffman Fellow for the inspiration to do the survey.
Our forever gratitude to the Sauna Alumni: without your efforts & energy we'd not exist.
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